Vakrangee Limited has inked an alliance with Reliance Nippon Life Asset Management Limited (RNAM). The company will offer mutual fund distribution to the Indian Citizens on PAN India basis.
As per the tie-up agreement with Reliance Mutual Fund’s Reliance Nippon Life Asset Management Limited, Vakrangee Limited will offer mutual fund distribution via its Nextgen Vakrangee Kendras.
The company will also aid the Reliance MF Fund to expand their reach to un-served as well as under-served areas. The association furthermore extends a group of mutual fund services to Indian citizens through Vakrangee Kendras, according to the reports from Equity Bulls and The HINDU Business Line.
According to the information from Equity Bulls, Vakrangee Limited’s shares during the last trading in BSE was about 52.45 Rupees in comparison with the previous close of 55.1 Rupees.
The total number of shares traded on July 12, 2018 was 1777692 in over 9813 trades. The company’s stock hit an intraday high of 56.9 Rupees and intraday low of 52.35 Rupees, based on BSE. The net turnover of the company during the day was 9,57,93,830 Rupees.
Reliance Mutual Fund’s Reliance Nippon Life Asset Management (RNAM) is previously known as Reliance Capital Asset Management Limited.
Reliance Nippon Life Asset Management is one of the biggest asset management companies India. RNAM manages and advises 3,58,059 crore Rupees (55.1 billion US$) as per March, 2017, across various products including pension funds, managed accounts, mutual funds, alternative investments and offshore funds.
Reliance Nippon Life Asset Management is the only AMC to have the official order for fund management by PFRDA, EPFO, and CMPFO, based on the information in the official website of the Reliance Capital.
Reliance MF has recently filed with SEBI (Securities and Exchange Board of India) for a new open-ended fund of funds scheme known as Reliance Junior BeES FoF, on July 12, 2018, reported The HINDU Business Line.
The objective of the new Reliance Mutual Fund scheme is to produce returns that nearly matches with returns provided by Reliance ETF Junior BeES fund by investing in Reliance ETF Junior BeES units.
[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]